10/16 11:14 AM EDT NYMEX - Oil Hits $87

[hatrack]

http://www.nymex.com/index.aspx

Damn.

[phantom power]

1. Interesting. Something seems to have changed in the last few days.

Removing some previous influence that kept the price stable. I wonder what it was.

[Moochy]

2. NPR's Talking Head

says thats due to the Turkey plans to invade northern Iraq to go after the Kurdish separatists.

[hatrack]

3. My nominee - OPEC pledges 600K/Day increase, projects demand up 1.3 million b/d in 2007

Not even half of projected demand growth.

VIENNA (AFP) - OPEC maintained its estimate for world oil demand growth in 2007 even as oil prices jumped to fresh record highs Monday.

"World oil demand growth for 2007 is forecast at 1.3 million barrels per day (bpd) or 1.5 percent," the Organisation of Petroleum Exporting Countries said in its October monthly report, released as the price of New York hit a record high of 85.19 dollars.

OPEC's estimate was unchanged from the report released in September. The cartel said while the third quarter of the year was "normally a low season for world oil demand," demand for fuel and heating oil in the fourth quarter to December "is forecast to be strong."

World oil demand growth in the fourth quarter "is estimated to follow typically high seasonal consumption (patterns) due to the expected normal winter in the northern hemisphere," the report said.

EDIT

http://news.yahoo.com/s/afp/20071015/bs_afp/opecenergyoilcommodities_071015103634;_ylt=AqrfWGlDhcufd7aMyv0yQNqAsnsA

LONDON: OPEC oil exports, excluding Angola, will jump 670,000 barrels per day (bpd) in the four weeks to Oct. 27, marking the biggest rise so far this year ahead of peak winter demand, an analyst who estimates future shipments said on Thursday.

Roy Mason of Oil Consultancy estimated OPEC 11 seaborne exports would rise to 24.49 million bpd, compared with 23.82 million bpd to Sept. 29 Mason said most of the extra supply was heading from the Gulf to Asian refiners.

Asked if the oil could represent the extra 500,000 bpd pledged by OPEC in September to the market from November 1, he replied: "No. I don't think so, it could much more be to do with the UAE's announcement on maintenance at a field in November."

EDIT

http://economictimes.indiatimes.com/News/News_By_Industry/Energy/Oil__Gas/OPEC_exports_to_leap_670000_bpd_to_Oct_27/rssarticleshow/2450425.cms

[pscot]

4. I hope we all took advantage of our fore-knowledge

to sock a few bucks into a good, no-load energy fund like those offered by Vanguard and Fidelity. As the great Milo Minderbinder understood, it's easier to maintain one's equanimity in the face of disaster if one is making a buck off the situation.

[hatrack]

5. 10/16 12:08 EDT - $87.86

Again, damn . . . just . . . damn!